College Calculus and Advanced Math Area

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Postby love20 » Wed Mar 09, 2016 8:22 pm

the supply and demand function for a product are qs = (S)p=5p^2-800 and qd= D(p)=2p^2-80p+3500. Determine the market equilibrium price pe and quantity qe
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Re: math

Postby DrPhil » Thu Mar 10, 2016 6:42 pm

Start by setting qs (which is a function of p) equal to qd (which is also a function of p). That sorts into this quadratic function:

f(p) = 3 p^2 + 80 p - 4300 = 0

The function is a parabola, opening upward, with axis at . . . and vertex = . . .

Show me how you found the axis and the vertex. How far off the axis do you have to go to find where the function is zero? What is the (equilibrium) value of p, evaluated to 4 decimal places?

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